Reasons for FX could be regular commerce or tourism. Foreign Exchange trading has turned out to be the most liquid and the largest asset market globally.
The rule under FX trading is simple. A trader tracks the development of different nations and trades the respective pair. For example, EUR/USD means that Euro is traded against the US Dollar.
Saxo Bank Records Higher FX Trading Volume In March
Saxo Bank is a Denmark-based investment bank that allows its clients to trade Foreign Exchange with several pairs of currencies. Saxo Bank was established in 1992, and it has now expanded into the jurisdictions of Denmark, the United Kingdom, Singapore, and Australia.
The bank is known to cater to its clients with 24/5 assistance over the phone and a support ticketing system. Traders new to the platform can read it in the review of Saxo Bank to get a detailed idea about its operations.
Saxo Bank recently published reports for March. It highlighted an increase in the FX trading volume by 35% compared to February 2022. The increase signifies the amount worth $152.2 billion in volume.
Even though it was on the higher side compared to the previous month, it remained lower by 10.7% compared to March 2021. The daily average cemented at $6.6 billion against $5.6 billion for February 2022.
FX Trading is one of the offerings of Saxo Bank. Others include Futures Trading, Stock Trading, Fund Trading, CFD, ETF, Bond, Crypto, and SaxoSelect. With all of them combined, the trading activities jumped by 17% on a Year-on-Year basis.
Books registered an increase of 9.8% in the overall trading volume, with daily average volume standing at $17.1 billion compared to $15.1 billion in February 2022. The increase of 9.8% is in comparison to the previous month.
There was a surge in demand for retail trading services in the first quarter of 2021.
Specifically talking about Commodities, the demand for them went up to $67.6 billion in March 2022 against $43.9 billion as of February 2022.
The only fall registered was the trading volume with fixed income and trading demand for equities. While trading volume with fixed income fell by 18.5%, the trading demand for equities fell by 8% from February 2022 and 20.5% from January.
March recorded a rise in the number of clients by 19%, a trend that also appeared for other platforms, which also witnessed the rise in FX trading volume.